Zhi Tong Cai Jing·2026-03-04 01:53Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Geely Automobile (00175), predicting net profit attributable to shareholders for 2025-2027 to be 17.041 billion, 20.604 billion, and 24.318 billion yuan respectively, with a target price of 23.54 HKD based on a PE average valuation of 11 times for comparable companies [1] Sales Performance - In January and February 2026, Geely's cumulative sales achieved a year-on-year growth of 1.0%, with total sales in February reaching 206,200 units, a 0.6% increase year-on-year [2] - The automotive market in January 2026 was in a policy transition phase, leading to weak overall demand, but Geely's sales growth indicates strong product competitiveness [2] Export Growth - Geely's export sales in February reached 60,900 units, a year-on-year increase of 138.3%, with cumulative exports for January and February at 121,400 units, up 129.4% year-on-year [3][4] - The launch of Geely's new energy series in the UAE, including the Geely EX5EM-i and Lynk & Co 900, marks a significant step in its global strategy, with plans for further expansion into Southeast Asia, Latin America, and Central Asia [4] Brand Development - Zeekr brand sales in February reached 23,900 units, a 70.0% year-on-year increase, while Lynk & Co sales were 27,400 units, up 58.7% year-on-year [5] - The high-end positioning of the Zeekr brand is showing results, with the Zeekr 9X maintaining its position as the best-selling large SUV, and the upcoming Zeekr 8X expected to enhance the brand's market presence [5]